Oil & Gas Corporate News
SOCO International (LON:SIA) (SIA, 404.8p, ? (1.44%)) and Dominion Petroleum (LON:DPL) (DPL, 5.13p, ? (3.39%)) have been informed that the Production Sharing Agreement for Block 5 in the Albertine Graben area of the Democratic Republic of Congo has received the Presidential Decree, the final step in the concession award of the block. The Block, operated by SOCO Exploration Production DRC SPRL, is located at the southern end of the Albertine Rift system and includes part of Lake Edward. During the initial five year exploration period the Block 5 partnership have committed to acquire at least 300 km of seismic data and drill two exploration wells. The Block 5 partnership consists of SOCO Exploration Production DRC SPRL holding 38.25%, Dominion Petroleum Congo SPRL with 46.75% and the state oil company of the Democratic Republic of Congo Congolaise des Hydrocarbures with 15%.
Indus Gas (LON:INDI) (INDI, 495p, ? (1.0%)) announced the completion of the production facilities for the first Phase of contracted supplies of 7mmscfd gas from its SGL Gas Field to GAIL India Ltd. The Company has also received a production mining lease for 176km2 area of the SGL Gas field from the Indian Government.
Premier Oil (LON:PMO) (PMO, 1182p, ? (0.94%)) announced results from the Catcher East side-track well on North Sea block 28/9. The well encountered excellent quality oil-bearing sandstones very similar to those in the Catcher discovery well. Preliminary analysis of the wireline logs indicates 82ft of net hydrocarbon pay over a gross interval of over 236ft, with an average porosity of 34%., average hydrocarbon saturation of 89% and excellent permeability. A core was taken in the lower part of the main sand body which recovered 44ft of oil bearing sand. The deviated side-track was drilled to a total depth of 5,931ft Measured Depth (MD). No oil water contact was encountered. Initial pressure data indicates a common pressure regime between Catcher East and Catcher confirming that both are part of a single significant oil accumulation, with an oil column of 267ft. The co-venturers have now decided to drill an additional side-track to the south west of the original 28/9-1 Catcher discovery well. The aim of this well is to determine the presence or otherwise of additional potential reservoir sands not encountered in the original Catcher well. This side-track, to be known as the 28/9-1Y Catcher…
